- Late fees. These fees add up fast but can be easily avoided. Look into automatic debit from your checking account for bill pay. By having payments directly withdrawn from your account, you won’t ever have to worry about a late fee again.
- Impromptu spending. You don’t have to buy something just because it’s on the shelf in front of you. Go home, do some research and sleep on it. Make sure you can afford it and really need it.
- Lack of an emergency fund. It is much easier to pay for new brakes or a water leak if you have an emergency fund. If you don’t have an emergency fund, start having automatic withdrawals from your paycheck put into a savings account. And don’t touch it. Out of sight, out of mind is very good when it comes to savings accounts, providing the account is automatically receiving regular funds.
- Energy inefficiencies. Consider having an energy audit done on your home. It’s going to cost you money up front, but you will likely save money in the long run by making your home more efficient.
- Well-intentioned giving. It’s nice to give. It’s important to give. But there are times when money is tight. Consider donating your time or services.
- Holiday spending. Decorations, food and gifts add up quickly. Try to put a budget in place for all your entertainment and gift expenses. It’s easier to say no when you have a plan.
- Coffee and lunches. Use your coffee maker every day and treat yourself once a week to that specialty coffee. A coffee out each day, seven days a week, can add up to $30 a week. Also, pack a lunch and bring it to work.
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